DPM – We maintain our HOLD recommendation for DPM, as we expect that its urea production segment will underperform amid rising oil prices.

■ The company’s gross margin continued to decline in 9M 2017 due to the increase in oil prices.
■ The company’s NPK-NH3 expansion project could be a long-term growth driver.
■ We reduced our target price by 4% to VND24,500/share, as our forecast for its urea ASP this year is now 4% lower.